Plains All American Pipeline, L.P. (PAA) announced that with respect to the pending acquisition by its wholly owned subsidiary Plains Midstream Canada ULC of BP Plc's (BP, BP.L) Canadian natural gas liquids or NGL business, the final regulatory closing condition under the Share Purchase Agreement has been satisfied.
Subject to satisfaction of other customary closing conditions, the acquisition is anticipated to close early in the second quarter of 2012.
In December 2011, BP had said that it has agreed to sell its Canadian natural gas liquids and liquefied petroleum gas business to Plains All American Pipeline, LP's unit Plains Midstream Canada ULC for a total consideration of $1.67 billion in cash.
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